Latest Recessions and depressions News

President Joe Biden speaks during the 59th Presidential Inauguration at the U.S. Capitol in Washington, Wednesday, Jan. 20, 2021.(AP Photo/Patrick Semansky, Pool)

At 78 and the oldest president, Biden sees a world changed

Jan. 23, 2021 1:41 PM EST

WASHINGTON (AP) — When Joe Biden took the oath of office as the 46th president, he became not only the oldest newly inaugurated U.S. chief executive in history but also the oldest sitting president ever. Biden was born Nov. 20, 1942, in Scranton, Pennsylvania. He was 78 years, two months and one day old...

Thousands of evictions loom in St. Louis amid pandemic

Jan. 23, 2021 12:04 PM EST

ST. LOUIS (AP) — Thousands of eviction filings are piling up in St. Louis and St. Louis County courts, leaving landlords and tenants frustrated, and advocates predicting a tidal wave of homelessness to come. Landlords have filed for almost 5,000 evictions since mid-March, when local courts suspended them,...

FILE - A man walks out of a Marc's Store,  Friday, Jan. 8, 2021, in Mayfield Heights, Ohio.  Fewer Americans applied for unemployment benefits last week, lowering claims to 900,000, still a historically high level that points to further job cuts in a raging pandemic. (AP Photo/Tony Dejak, file)

Biden inherits damaged economy, with signs of hope emerging

Jan. 21, 2021 4:38 PM EST

WASHINGTON (AP) — President Joe Biden has inherited a badly damaged economy pulverized by the pandemic, with 10 million fewer jobs than a year ago and as many as one in 6 small businesses shut down. Yet there are also signs of resilience and recovery that suggest the prospect of a rebound, perhaps a robust...

Long time exposure photo shows aircrafts flying over the buildings of the banking district in Frankfurt, Germany, Thursday, Jan. 21, 2021. (AP Photo/Michael Probst)

European Central Bank stimulus on track as economy struggles

Jan. 21, 2021 10:51 AM EST

FRANKFURT, Germany (AP) — With more than a trillion euros in stimulus still in the pipeline to the economy, the European Central Bank left its key bond-purchase program unchanged Thursday as the 19-country eurozone endures a winter economic slowdown due to the pandemic. ECB President Christine Lagarde told...

FILE - In this Friday, Jan. 15, 2021, file photo provided by the New York Stock Exchange, trader Ashley Lara works on the floor, in New York. CEOs have begun telling shareholders how much profit their companies made at the end of 2020, and expectations are for a miserable fourth-straight quarter of declines for S&P 500 companies. (Courtney Crow/New York Stock Exchange via AP, File)

Clock ticking for CEOs to grow profits again

Jan. 21, 2021 9:10 AM EST

NEW YORK (AP) — Are better days ahead for corporate profits? They'd better be. CEOs across America have begun telling shareholders how much profit their companies made during the last three months of 2020, just as the worsening pandemic sent death rates soaring. The general expectation is for nothing...

Currency traders watch monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Jan. 21, 2021. Asian shares rose Thursday on optimism over the new U.S. administration that earlier set off a rally on Wall Street. (AP Photo/Ahn Young-joon)

Asian shares rise on optimism for more stimulus from Biden

Jan. 20, 2021 11:07 PM EST

TOKYO (AP) — Asian shares rose Thursday on optimism over the new U.S. administration that earlier set off a rally on Wall Street. Hopes are high that President Joe Biden's administration will mean more support for the struggling U.S. economy, setting off a recovery that's crucial for the export-driven...

Italian Prime Minister Giuseppe Conte speaks during his final address at the Senate prior to a confidence vote, in Rome, Tuesday, Jan. 19, 2021. Italian Premier Giuseppe Conte fights for his political life with an address aimed at shoring up support for his government, which has come under fire from former Premier Matteo Renzi's tiny but key Italia Viva (Italy Alive) party over plans to relaunch the pandemic-ravaged economy. (Roberto Monaldo/ Lapresse via AP)

Italian PM Conte works to cement majority after narrow vote

Jan. 20, 2021 5:11 AM EST

ROME (AP) — Italian Premier Giuseppe Conte worked to solidify his majority in parliament Wednesday after narrowly winning a Senate confidence vote after a junior coalition ally yanked his support over Conte’s handling of the coronavirus pandemic. Conte was expected to brief President Sergio...

People are reflected on the electronic board of a securities firm in Tokyo, Wednesday, Jan. 20, 2021. Asian shares were mostly higher Wednesday, ahead of Joe Biden's inauguration as president, ending President Donald Trump’s four-year term. Japan's benchmark lost early gains as worries grew about the surge in coronavirus cases. (AP Photo/Koji Sasahara)

Japan shares fall on pandemic worries as rest of Asia rises

Jan. 19, 2021 10:22 PM EST

TOKYO (AP) — Asian shares were mostly higher Wednesday, ahead of Joe Biden's inauguration as U.S. president. Japan's benchmark lost early gains as worries grew about the surge in coronavirus cases. Japan's benchmark Nikkei 225 lost early gains to slip 0.4% in morning trading to 28,515.21. Australia's...

FILE - In this Aug. 14, 2019, file photo former Fed Chair Janet Yellen speaks with FOX Business Network guest anchor Jon Hilsenrath in the Fox Washington bureau in Washington. President-elect Joe Biden announced Yellen as his nominee for Treasury Secretary. (AP Photo/Andrew Harnik, File)

Yellen pushes GOP senators on $1.9 trillion relief package

Jan. 19, 2021 1:44 PM EST

WASHINGTON (AP) — Janet Yellen, President-elect Joe Biden's choice as Treasury secretary, said Tuesday that the incoming administration would focus on winning quick passage of its $1.9 trillion pandemic relief plan, rejecting Republican arguments that the measure is too big given the size of U.S. budget...

FILE - In this Aug. 14, 2019, file photo former Fed Chair Janet Yellen speaks with FOX Business Network guest anchor Jon Hilsenrath in the Fox Washington bureau in Washington. President-elect Joe Biden announced Yellen as his nominee for Treasury Secretary. (AP Photo/Andrew Harnik, File)

Yellen urges Congress to do more to fight pandemic recession

Jan. 18, 2021 6:26 PM EST

WASHINGTON (AP) — Treasury Secretary nominee Janet Yellen is calling on Congress to do more to fight a deep pandemic-induced recession, saying the threats of a longer and even worse downturn are too great to cut back on support now. “Without further action, we risk a longer, more painful recession...